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【Ferro-alloys.com】:Baoshan Iron & Steel (Baosteel) said on Friday it had agreed to buy a 48.6% stake in a steelmaker for 10.7 billion yuan ($1.49 billion) from Shandong Iron & Steel Group.

Purchasing the stake in SD Steel Rizhao Co Ltd will increase Baosteel's influence in the market in the northern part of China, Baosteel said in a filing to the Shanghai Stock Exchange.

• [Editor:Alakay]